Rosneft’s purchase of TNK-BP does not mean Rosneft may not be privatised — Medvedev

TNK-BP is a strategic asset for Russia, he said

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HANOI, November 7 (Itar-Tass) — Purchase of the TNK-BP company by Russia’s state-owned oil corporation Rosneft does not mean that the latter will not privatized, Prime Minister Dmitry Medvedev, who is currently visiting Vietnam told reporters in Hanoi.

“Quite possibly I wouldn’t say the state needs to increase its stake if the situation were different,” Medvedev said adding however that the transaction is effectuated in the interests of the Russian Federation all the same.

“Given the current situation, the purchase of TNK-BP by Rosneft doesn’t mean the latter corporation won’t be privatized,” Medvedev said.

“Try and find anyone who could possibly afford buying of all this /the TNK-BP assets – Itar-Tass/,” he said. “And if you find someone, the fact doesn’t mean this will be done to suit Russia’s interests.

“In this sense, the purchase of this particular asset by a company controlled by the state but living in accordance with market laws makes up an absolutely transparent transaction,” Medvedev said.

He underlined a course at privatization and retreat of the state to the background in various spheres of activity.

“This transaction unfolded strictly in line with the laws of corporate life,” Medvedev said adding that the TNK-BP has been torn apart by conflicts inside the corps of shareholders.

He indicated that the company had been set up along a faulty pattern of shared ownership.

“Were I supposed to set up a company of this kind, I wouldn’t do it done it for toffee because such patterns always generate internal problems and if something happens to the shareholders then comes the deadlock,” Medvedev said.

The TNK-BP is a strategic asset for Russia, he said.

“We can’t afford watching the situation idly and that’s why the government keeps an eye on what’s happening,” Medvedev said.